ACCT212 Rawls Repair Corporation (Parts A and B COMPLETE)__100% Correct Answers !

Acct212 – Rawls Repair Corporation

PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE  

Part A -- Requirement s 1, 2 and 3    

During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:

Oct. 1  Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.

Oct. 1  Paid the premium on a one-year insurance policy, $1,200.

Oct. 1  Paid the current month's rent, $1,040.

Oct. 3  Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account.  Payments will be $200.00 per month for nineteen months.  The first payment is due 11/1.   Note:  Use Accounts Payable for the Balance Due.

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Requirement 1 - Prepare the Journal Entries in the General Journal  -  Journal Entries

Requirement 2 - Post Journal Entries to the General Ledger -  General Ledger

Requirement 3 - Prepare a Trial Balance -  Trial Balance

Part B -- Requirements 4 - 10         

Prepare adjusting entries using the following information in the General Journal below.  Show your calculations!    

a) One month's insurance has expired.    

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Requirement 4 - Prepare the Adjusting Entries  -  Adjusting Entries

Requirement 5 - Post Adjusting Entries to the General Ledger  --  General Ledger

Requirement 6 - Prepare an Adjusted Trial Balance -  Adjusted TB

Requirement 7 - Prepare the Financial Statements  -  Financial Statements

Requirement 8 - Prepare the Closing Entries - Closing Entries

Requirement 9 - Post Closing Entries to the General Ledger - General Ledger

Requirement 10 - Prepare the Post Closing Trial Balance -  Post Closing TB